With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.
The good news is that brokers across the country are doing a lot of the hard work for you.
Three top shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:
Qantas Airways Limited (ASX: QAN)
According to a note out of the Macquarie equities desk, its analysts have retained their outperform rating and lifted the price target on this airline operator’s shares to $4.95. The broker appears optimistic that Qantas’ recovery could be quicker than expected in the domestic market thanks to re-opening borders and pent-up demand. This has led Macquarie to upgrade its estimates for FY 2021. I think Macquarie makes some great points and Qantas could be worth considering.
Rio Tinto Limited (ASX: RIO)
Analysts at Citi have retained their buy rating and $115.00 price target on this mining giant’s shares following its third quarter update. The broker notes that Rio Tinto’s shipments were softer during the quarter. However, this was due to planned maintenance activity in its port. It also notes that its production guidance remains unchanged for key commodities. In light of this, the broker continues to expect Rio Tinto to benefit greatly from high iron ore prices. It feels this is likely to underpin generous dividend payments in the coming years. I agree with Citi and would be a buyer of Rio Tinto’s shares.
Woolworths Group Ltd (ASX: WOW)
A note out of UBS reveals that its analysts have retained their buy rating and lifted their price target on this retail giant’s shares to $44.00. According to the note, the broker has upgraded its earnings forecasts after lifting its same store sales growth estimates. Looking further ahead, UBS believes Woolworths is well-placed to benefit from new trends in the food industry. This includes through its investment in meal kit delivery company Marley Spoon AG (ASX: MMM). I think UBS is spot on and Woolworths could be a top blue chip option for investors.
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Returns as of 6th October 2020
More reading
- 4 ASX shares to buy for a rare Christmas surprise
- ASX 200 Weekly Wrap: Promises of easy money push ASX 200 to post-crash high
- Is it time to go all in on ASX shares?
- 5 things to watch on the ASX 200 next week
- ASX 200 falls, Tyro (ASX:TYR) up on merchant deal
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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